Earnings Summary: Highlights of NetApp’s Q3 2024 financial results

Cloud service provider NetApp, Inc. (NASDAQ: NTAP) has announced financial results for the third quarter of 2024, reporting an increase in revenues.

• Net revenues came in at $1.61 billion in the third quarter of 2024, which is up 5% year-over-year
• At $1.69 billion, third-quarter billings were up 7% year-over-year
• The company recorded an all-flash array annualized revenue run rate of $3.4 billion for Q3, an increase of 21%
• Consolidated gross margins were at a record high of 72%; adjusted consolidated gross margins came in at 73%
• Net income moved up to $313 million in the third quarter, compared to $65 million in the same period last year
• Net income per share, on a reported basis, increased sharply to $1.48 from $0.30 in the prior-year period
• Unadjusted net income per share climbed to $1.94 in Q3 from $1.37 in the third quarter of 2023